Travellers gold allowance increased and customs duty revised
People returning from abroad will be able to carry up to 250 grams of gold from next fiscal, against only 100 grams now.
The changes introduced in the Economic Bill 2019 will come into effect from July 17. With this provision, the customs duty on gold for passengers will also increase.
Passengers carrying up to 50 grams of gold will have to pay Rs 6,200 per 10 grams, which means they will have to dish out a total of Rs 31,000 to carry the precious metal. Similarly, those bringing gold in between 50 grams to 100 grams will be charged customs duty of Rs 7,200 per 10 grams.
Currently, travellers can bring up to 50 grams of gold without paying any customs duty, while the duty on gold above 50 grams and up to 100 grams is Rs 5,200 per 10 grams.
In terms of gold jewellery, travelers can bring up to 50 grams without paying any customs tax. However, those bringing in gold jewelry above 50 grams and up to 150 grams will be charged Rs 7,200 for every 10 grams. Likewise, customs duty of Rs 9,000 per 10 grams of gold jewellery will be charged to bring gold ornaments above 150 grams and up to 250 grams.
As per the rule, action will be taken against anyone who tries to bring more gold or gold jewellery than the set threshold from next fiscal.
The new bill has also increased the customs duty on raw gold. To carry raw gold up to 50 grams, people will have to pay Rs 6,200 per 10 grams. Currently the customs duty has been set at Rs 5,200 per 10 grams of raw gold. Those planning to carry more than 50 grams of raw gold will have to pay Rs 7,200 per 10 grams of the precious metal.